Moody's downgrades 4 notes and confirms 5 notes in 3 Dutch E-MAC RMBS transactions

London, 08 April 2014 -- Moody's Investors Service has today downgraded the ratings of four mezzanine and junior notes in two Dutch residential mortgage-backed securities (RMBS) transactions: E-MAC NL 2005-III B.V. and E-MAC NL 2006-II B.V. Swap counterparty exposure has prompted today's downgrade action. At the same time, Moody's confirmed the ratings of all three notes in E-MAC NL 2004-II B.V., and the senior notes in E-MAC NL 2005-III B.V. and E-MAC NL 2006-II B.V. Sufficient protection of the notes ratings from swap counterparty exposure has prompted today's confirmation action.

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